anyong
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Registering a Business in Hong Kong-As an American!

Wed Jan 24, 2018 10:21 pm

Hey guys,

So I recently graduated from grad school studying politics, and the current political situation in the US has me so burnt out I decided to open a business in Asia. I was looking into registering in Hong Kong, but it seems that because of how much money laundering that has been happening around the world, it is so hard to set up a bank account in HK as an American. Any similar experiences out there? Perhaps any ways to make the process easier?
 
Route66
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Re: Registering a Business in Hong Kong-As an American!

Wed Jan 24, 2018 10:32 pm

Get married.
 
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Aesma
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Re: Registering a Business in Hong Kong-As an American!

Wed Jan 24, 2018 10:48 pm

Are you sure it's money laundering, and not FATCA that is causing you issues ?
New Technology is the name we give to stuff that doesn't work yet. Douglas Adams
 
BestWestern
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Re: Registering a Business in Hong Kong-As an American!

Thu Jan 25, 2018 2:17 am

Open a Citibank account in the US, and that will help You open an account with Citi in HK. Local Banks globally want nothing to do with US passport holders as the regulation is so stringent.

The Hong Kong political scene is a mess. The local political scene is now reduced to toytown level.
Greetings from Hong Kong.... a subsidiary of China Inc.
 
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Dutchy
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Re: Registering a Business in Hong Kong-As an American!

Thu Jan 25, 2018 8:01 am

anyong wrote:
Hey guys,

So I recently graduated from grad school studying politics, and the current political situation in the US has me so burnt out I decided to open a business in Asia. I was looking into registering in Hong Kong, but it seems that because of how much money laundering that has been happening around the world, it is so hard to set up a bank account in HK as an American. Any similar experiences out there? Perhaps any ways to make the process easier?



First: good luck!

Second: what kind of business?
Many happy landings, greetings from The Netherlands!
 
FriscoHeavy
Posts: 1272
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Re: Registering a Business in Hong Kong-As an American!

Fri Jan 26, 2018 7:08 pm

anyong wrote:
Hey guys,

So I recently graduated from grad school studying politics, and the current political situation in the US has me so burnt out I decided to open a business in Asia. I was looking into registering in Hong Kong, but it seems that because of how much money laundering that has been happening around the world, it is so hard to set up a bank account in HK as an American. Any similar experiences out there? Perhaps any ways to make the process easier?



What current political situation? Trump is pro-business and just passed a large tax cut. Now is the time to open a business in the USA.
Whatever
 
bagoldex
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Re: Registering a Business in Hong Kong-As an American!

Fri Jan 26, 2018 8:22 pm

anyong wrote:
Hey guys,

So I recently graduated from grad school studying politics, and the current political situation in the US has me so burnt out I decided to open a business in Asia. I was looking into registering in Hong Kong, but it seems that because of how much money laundering that has been happening around the world, it is so hard to set up a bank account in HK as an American. Any similar experiences out there? Perhaps any ways to make the process easier?


Talk to a lawyer if you're serious. No one on this board knows anything about anything.
 
anyong
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Re: Registering a Business in Hong Kong-As an American!

Mon Jan 29, 2018 8:15 am

Dutchy wrote:
anyong wrote:
Hey guys,

So I recently graduated from grad school studying politics, and the current political situation in the US has me so burnt out I decided to open a business in Asia. I was looking into registering in Hong Kong, but it seems that because of how much money laundering that has been happening around the world, it is so hard to set up a bank account in HK as an American. Any similar experiences out there? Perhaps any ways to make the process easier?



First: good luck!

Second: what kind of business?


Educational consulting to get kids in Asia (mostly Indonesia) to attend school in the United States. Using my Ivy League credentials to network around Asia, and taking Warren Buffett's advice to always bet on America (in this case, education because fuck the politics. Seriously, the guy is a neo-Nazi sympathizing traitor to his own country).
 
anyong
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Re: Registering a Business in Hong Kong-As an American!

Mon Jan 29, 2018 8:16 am

Aesma wrote:
Are you sure it's money laundering, and not FATCA that is causing you issues ?


No, but considering HSBC was caught up in a ton of laundering and they are asking for the most paperwork and a 4 month wait time to vet my intentions, I am taking an educated guess.
 
anyong
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Posts: 84
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Re: Registering a Business in Hong Kong-As an American!

Mon Jan 29, 2018 8:20 am

FriscoHeavy wrote:
anyong wrote:
Hey guys,

So I recently graduated from grad school studying politics, and the current political situation in the US has me so burnt out I decided to open a business in Asia. I was looking into registering in Hong Kong, but it seems that because of how much money laundering that has been happening around the world, it is so hard to set up a bank account in HK as an American. Any similar experiences out there? Perhaps any ways to make the process easier?



What current political situation? Trump is pro-business and just passed a large tax cut. Now is the time to open a business in the USA.


The issue with Trump being pro-business is that I doesn't help when I am the only employee projecting to make probably less than $250,000 a year and definitely less than $1 million a year. 21% corporate tax + 35% personal income tax + 13% California income tax. Makes more sense for me to set up shop in HK, play by the rules, and still pay way less tax than that. Legally.
 
tommy1808
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Re: Registering a Business in Hong Kong-As an American!

Mon Jan 29, 2018 10:23 am

anyong wrote:
The issue with Trump being pro-business is that I doesn't help when I am the only employee projecting to make probably less than $250,000 a year and definitely less than $1 million a year. 21% corporate tax + 35% personal income tax + 13% California income tax. Makes more sense for me to set up shop in HK, play by the rules, and still pay way less tax than that. Legally.


...and considering the weak US$, and statements in Davos making it seem like weakening the US$ is the current governments policy makes investing outside the USD space quite interesting.

Cyprus is also an interesting place to open a business, unless there is a product/service related reason to go to Hongkong.

best regards
Thomas
This Singature is a safe space......
 
Route66
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Re: Registering a Business in Hong Kong-As an American!

Mon Jan 29, 2018 7:52 pm

anyong wrote:

The issue with Trump being pro-business is that I doesn't help when I am the only employee projecting to make probably less than $250,000 a year and definitely less than $1 million a year. 21% corporate tax + 35% personal income tax + 13% California income tax. Makes more sense for me to set up shop in HK, play by the rules, and still pay way less tax than that. Legally.


I'm now thinking you have no clue. What is your business background?

For one thing, your projection is crazy. It is highly unlikely you and employees will make anywhere near $250k profit - at least to start. If you were, plenty more would already be doing it. Additionally, it is the State of California who is going to eff you, get used to that, it is a horrid place for a small corporation - I've had businesses in California for 30 years. Register that corp in state and it is an automatic $800/year state tax. Nevada is your friend. Might* want to make it your residency while overseas if you can. Or maybe a sole proprietorship is the better route....As a US citizen, you are also still on the hook for federal income tax after $90k or so. And with a business, you can deduct pretty much all your overseas expenses. And as a business owner, you do NOT need to pay tax twice (21% + 35%), that is ignorant of basic business practices and tax policies.
*You need to find a professional to advise you, you have some mistaken ideas, upon which you could make some bad decisions.

BTW, you think it is bad in the US (silly), look at today's news... I don't know where people like you get the idea that life everywhere else in the world is a bed of roses...

Politics weighs more heavily on foreign companies in China than it has in nearly three decades.

The latest flashpoint was Beijing's fury last week at hotel keeper Marriott and other companies that labeled self-ruled Taiwan a country on websites or customer materials. But companies face pressure on many sides from President Xi Jinping's more nationalistic stance and twin campaigns to tighten the ruling Communist Party's political control and have it play a direct role in business.
http://abcnews.go.com/International/wir ... a-52420596
Last edited by Route66 on Mon Jan 29, 2018 8:07 pm, edited 2 times in total.
 
anyong
Topic Author
Posts: 84
Joined: Mon Jul 11, 2011 12:06 am

Re: Registering a Business in Hong Kong-As an American!

Mon Jan 29, 2018 8:02 pm

tommy1808 wrote:
anyong wrote:
The issue with Trump being pro-business is that I doesn't help when I am the only employee projecting to make probably less than $250,000 a year and definitely less than $1 million a year. 21% corporate tax + 35% personal income tax + 13% California income tax. Makes more sense for me to set up shop in HK, play by the rules, and still pay way less tax than that. Legally.


...and considering the weak US$, and statements in Davos making it seem like weakening the US$ is the current governments policy makes investing outside the USD space quite interesting.

Cyprus is also an interesting place to open a business, unless there is a product/service related reason to go to Hongkong.

best regards
Thomas


It's a convenience thing really. If I am going to be doing business around Asia, then HK seems like the logical place to bank and set up shop. I was also reading that Estonia has a similar structure to Hong Kong, and I can set up a corporation virtually. It might not be a bad option for small business.
 
anyong
Topic Author
Posts: 84
Joined: Mon Jul 11, 2011 12:06 am

Re: Registering a Business in Hong Kong-As an American!

Mon Jan 29, 2018 8:04 pm

Route66 wrote:
anyong wrote:

The issue with Trump being pro-business is that I doesn't help when I am the only employee projecting to make probably less than $250,000 a year and definitely less than $1 million a year. 21% corporate tax + 35% personal income tax + 13% California income tax. Makes more sense for me to set up shop in HK, play by the rules, and still pay way less tax than that. Legally.


I'm now thinking you have no clue. What is your business background?

For one thing, your projection is crazy. It is highly unlikely you and employees will make anywhere near $250k - at least to start. If you were, plenty more would already be doing it. Additionally, it is the State of California who is going to eff you, get used to that, it is a horrid place for a small corporation - I've had businesses in California for 30 years. Register that corp in state and it is an automatic $800/year state tax. Nevada is your friend. Might* want to make it your residency while overseas if you can. Or maybe a sole proprietorship is the better route....As a US citizen, you are also still on the hook for federal income tax after $90k or so. And with a business, you can deduct pretty much all your overseas expenses. And as a business owner, you do NOT need to pay tax twice (21% + 35%), that is ignorant of basic business practices and tax policies.
*You need to find a professional to advise you, you have some mistaken ideas, upon which you could make some bad decisions.

BTW, you think it is bad in the US (silly), look at today's news... I don't know where people like you get the idea that life everywhere else in the world is a bed of roses...

Politics weighs more heavily on foreign companies in China than it has in nearly three decades.

The latest flashpoint was Beijing's fury last week at hotel keeper Marriott and other companies that labeled self-ruled Taiwan a country on websites or customer materials. But companies face pressure on many sides from President Xi Jinping's more nationalistic stance and twin campaigns to tighten the ruling Communist Party's political control and have it play a direct role in business.
http://abcnews.go.com/International/wir ... a-52420596



Needless to say, setting up shop in the US is neither ideal not smart. I know about the 90-100k that is untaxed for overseas profit--which is fine. I don't plan to live outside those means. Everything else is reinvested and untaxed either overseas or in the US.
 
Route66
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Re: Registering a Business in Hong Kong-As an American!

Mon Jan 29, 2018 8:11 pm

anyong wrote:
Needless to say, setting up shop in the US is neither ideal not smart.


Yes, you've portrayed it as an awful place to do business - based upon incorrect facts. NOBODY pays 21% corporate tax, 35% income tax and 13% state tax on the same money. That nothing but ignorant business. Ironically, many foreign businesses continue to set up shop here, despite the Trump-hate, the US is considered by many as the most stable business climate in the world.

What is your business background?

anyong wrote:
I know about the 90-100k that is untaxed for overseas profit--which is fine. I don't plan to live outside those means. Everything else is reinvested and untaxed either overseas or in the US.


So, you've just changed the story. You do not expect to be taxable for $250k and less than $90k pays ZERO federal income tax. So taxes is not the real problem here is it?
 
anyong
Topic Author
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Re: Registering a Business in Hong Kong-As an American!

Mon Jan 29, 2018 8:25 pm

Route66 wrote:
anyong wrote:
Needless to say, setting up shop in the US is neither ideal not smart.


Yes, you've portrayed it as an awful place to do business - based upon incorrect facts. NOBODY pays 21% corporate tax, 35% income tax and 13% state tax on the same money. That nothing but ignorant business. Ironically, many foreign businesses continue to set up shop here, despite the Trump-hate, the US is considered by many as the most stable business climate in the world.

What is your business background?

anyong wrote:
I know about the 90-100k that is untaxed for overseas profit--which is fine. I don't plan to live outside those means. Everything else is reinvested and untaxed either overseas or in the US.


So, you've just changed the story. You do not expect to be taxable for $250k and less than $90k pays ZERO federal income tax. So taxes is not the real problem here is it?


There's a difference between corporate tax and personal income tax...If I withdraw 90k for living expenses no tax. Leave rest of money in company overseas--untaxed. Or re-invest company money into another company and start another business--no tax.
 
FriscoHeavy
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Re: Registering a Business in Hong Kong-As an American!

Tue Jan 30, 2018 12:43 am

You sound like a liberal from some of the posts...wouldn’t you be thrilled to pay taxes and your ‘fair share’?

Perhaps I’ve misread your comments and you aren’t liberal. If not, I stand corrected.
Whatever
 
anyong
Topic Author
Posts: 84
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Re: Registering a Business in Hong Kong-As an American!

Tue Jan 30, 2018 1:08 am

FriscoHeavy wrote:
You sound like a liberal from some of the posts...wouldn’t you be thrilled to pay taxes and your ‘fair share’?

Perhaps I’ve misread your comments and you aren’t liberal. If not, I stand corrected.


If stating fact is now "being liberal", then sure!
 
BestWestern
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Re: Registering a Business in Hong Kong-As an American!

Tue Jan 30, 2018 5:37 am

I have one question - why would HK accept you and give you residency?

Ivy League ‘credentials’ mean nothing when you start your own business.
Greetings from Hong Kong.... a subsidiary of China Inc.
 
anyong
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Re: Registering a Business in Hong Kong-As an American!

Tue Jan 30, 2018 11:01 am

BestWestern wrote:
I have one question - why would HK accept you and give you residency?

Ivy League ‘credentials’ mean nothing when you start your own business.


Do you speak from experience? I'm not looking for HK residence...
 
BestWestern
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Re: Registering a Business in Hong Kong-As an American!

Tue Jan 30, 2018 11:52 am

But to live in HK you need residency. I’m 5 years in HK now.
Greetings from Hong Kong.... a subsidiary of China Inc.
 
anyong
Topic Author
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Re: Registering a Business in Hong Kong-As an American!

Thu Feb 01, 2018 7:34 am

BestWestern wrote:
But to live in HK you need residency. I’m 5 years in HK now.


Right, I don't want to live in Hong Kong. I just want to register a business and open a bank account there.
 
BestWestern
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Re: Registering a Business in Hong Kong-As an American!

Thu Feb 01, 2018 8:40 am

That’s not going to be easy without a foreign bank to vouch for your company - which will be nearly impossible - as your resident account in the US has no trading history.

(I say this as a former HK company director, and legal representative of a Chinese mainland company).
Greetings from Hong Kong.... a subsidiary of China Inc.
 
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qf789
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Re: Registering a Business in Hong Kong-As an American!

Thu Feb 01, 2018 4:04 pm

Please stick to the topic and keep personal comments towards other users out of the discussion
Forum Moderator
 
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Dutchy
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Re: Registering a Business in Hong Kong-As an American!

Thu Feb 01, 2018 9:44 pm

I am a bit puzzled. You do not want to live in HK, but want to register a company there, right? You want to get students towards American universities, basic question: whom is going to pay you and why would they do this? And on what basis? Where do you going to live? America or somewhere in Asia?
Many happy landings, greetings from The Netherlands!
 
CCGPV
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Re: Registering a Business in Hong Kong-As an American!

Thu Feb 01, 2018 10:21 pm

Dutchy wrote:
I am a bit puzzled. You do not want to live in HK, but want to register a company there, right? You want to get students towards American universities, basic question: whom is going to pay you and why would they do this? And on what basis? Where do you going to live? America or somewhere in Asia?


He's making a statement.. He doesn't actually want to do any of this. Why would he be asking this on an aviation forum if he really wanted to do this?

Or maybe he does and is just completely naive about it, which would be concerning for any investors or customers. Could be that. All of these questions should be directed towards someone who knows about international business administration and not casual aviation enthusiasts.
Stay curious
 
bagoldex
Posts: 786
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Re: Registering a Business in Hong Kong-As an American!

Thu Feb 01, 2018 11:52 pm

CCGPV wrote:
Dutchy wrote:
I am a bit puzzled. You do not want to live in HK, but want to register a company there, right? You want to get students towards American universities, basic question: whom is going to pay you and why would they do this? And on what basis? Where do you going to live? America or somewhere in Asia?


He's making a statement.. He doesn't actually want to do any of this. Why would he be asking this on an aviation forum if he really wanted to do this?


If he was serious, he'd take two minutes to peruse his ivy league university alumni directory and find a lawyer to advise him, or at least someone living in Hong Kong who could point him in the right direction.
 
CCGPV
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Re: Registering a Business in Hong Kong-As an American!

Fri Feb 02, 2018 12:03 am

bagoldex wrote:
CCGPV wrote:
Dutchy wrote:
I am a bit puzzled. You do not want to live in HK, but want to register a company there, right? You want to get students towards American universities, basic question: whom is going to pay you and why would they do this? And on what basis? Where do you going to live? America or somewhere in Asia?


He's making a statement.. He doesn't actually want to do any of this. Why would he be asking this on an aviation forum if he really wanted to do this?


If he was serious, he'd take two minutes to peruse his ivy league university alumni directory and find a lawyer to advise him, or at least someone living in Hong Kong who could point him in the right direction.


I'm picturing something like this..... https://youtu.be/NcoDV0dhWPA
Stay curious
 
bagoldex
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Re: Registering a Business in Hong Kong-As an American!

Fri Feb 02, 2018 12:19 am

CCGPV wrote:
bagoldex wrote:
CCGPV wrote:

He's making a statement.. He doesn't actually want to do any of this. Why would he be asking this on an aviation forum if he really wanted to do this?


If he was serious, he'd take two minutes to peruse his ivy league university alumni directory and find a lawyer to advise him, or at least someone living in Hong Kong who could point him in the right direction.


I'm picturing something like this..... https://youtu.be/NcoDV0dhWPA


I'm going with film studies, at Brown.
 
BestWestern
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Re: Registering a Business in Hong Kong-As an American!

Fri Feb 02, 2018 1:43 am

There is a huge industry in marketing foreign universities in Asia.

Having said that, why would a fresh grad succeed by himself - I don’t know.
Greetings from Hong Kong.... a subsidiary of China Inc.
 
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Dutchy
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Re: Registering a Business in Hong Kong-As an American!

Fri Feb 02, 2018 7:10 am

CCGPV wrote:
bagoldex wrote:
CCGPV wrote:

He's making a statement.. He doesn't actually want to do any of this. Why would he be asking this on an aviation forum if he really wanted to do this?


If he was serious, he'd take two minutes to peruse his ivy league university alumni directory and find a lawyer to advise him, or at least someone living in Hong Kong who could point him in the right direction.


I'm picturing something like this..... https://youtu.be/NcoDV0dhWPA


Welcome to the real world. :rotfl:
Many happy landings, greetings from The Netherlands!
 
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Aesma
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Re: Registering a Business in Hong Kong-As an American!

Fri Feb 02, 2018 8:16 am

BestWestern wrote:
There is a huge industry in marketing foreign universities in Asia.

Having said that, why would a fresh grad succeed by himself - I don’t know.


I imagine the best way would be to first work for a company that already does this, to learn the ropes.
New Technology is the name we give to stuff that doesn't work yet. Douglas Adams
 
BestWestern
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Re: Registering a Business in Hong Kong-As an American!

Fri Feb 02, 2018 12:25 pm

My first year out of university I worked for a company that took international secondary students to Ireland for anything between six weeks and an entire school term.
Greetings from Hong Kong.... a subsidiary of China Inc.
 
anyong
Topic Author
Posts: 84
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Re: Registering a Business in Hong Kong-As an American!

Sat Feb 03, 2018 11:42 pm

Dutchy wrote:
I am a bit puzzled. You do not want to live in HK, but want to register a company there, right? You want to get students towards American universities, basic question: whom is going to pay you and why would they do this? And on what basis? Where do you going to live? America or somewhere in Asia?


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